We are pleased to present 10641 Whipple Street, a rare fourplex in Toluca Lake that is ready to close now. This property is an excellent opportunity for 1031 exchange buyers. This easy to manage fourplex contains a unit mix of three 1 bedroom/1 bathroom units and one 2 bedroom/1 bathroom unit spanning 3,227 square feet of living space, situated on 7,165 square foot lot. The lot is zoned LAR3, which is highly desirable in Los Angeles. Additionally, the property has a detached garage for four cars. Impeccably remodeled and well maintained, this property boasts excellent rental income for the area and a 3.6% cap rate.
Other notable upgrades include stainless steel kitchen appliances, in unit washer and dryer, in unit air conditioning, modernized kitchens, high quality finishes, spacious floorplans, new electrical service, new attic insulation, and new exterior paint. The property is separately metered for gas and electric. It is ultra-low maintenance and extreme desirability amongst renters. There is also the room to expand and add a 2000+ sqft 2-unit ADU on the property. No soft-story retrofitting required.
The neighborhood is extremely accessible for tenants. It provides easy access to major freeways (170/101/134 freeways), Metro stations within walking distance, and major roadways like Lankershim, Ventura and Magnolia. Just south are Netflix, Universal, Warner Bros., and other major entertainment and business centers for residents.
This is an excellent property in a prime Los Angeles neighborhood with a great return.